In its first earnings report since going public on the New York Stock Exchange in mid-April, digital marketing company Ibotta announced total revenue of $82.3 million and year-over-year growth of 43%.
The Denver, Colo.-based company, which offers loyalty rewards through its app, reported that excluding a one-time breakage benefit of $1.2 million, Ibotta experienced non-GAAP revenue growth of 46%.
Ibotta’s redemption revenue reached $68 million, up 63% year over year. Its network of digital redemptions skyrocketed 167% from the same period a year ago, up from 4.7 million redeemers to 12.5 million.
“The primary driver of year-over-year growth was the expansion of the Walmart program, which initially launched in the third quarter of 2022 to members of Walmart’s paid membership program, Walmart+, and expanded to all Walmart customers with a Walmart.com account in the third quarter of 2023,” the company said.
The total number of redemptions jumped 65% year over year from 43.3 million to 71.5 million, according to Ibotta. That helped grow the company’s net income to $9.3 million and adjusted net income to $15.4 million.
“Our unwavering focus on building a profitable, high-growth business at scale was visible in our Q1 results, our first quarter reporting as a public company,” Ibotta CEO and founder Bryan Leach said in a press release. “We believe that the Ibotta growth story is in its early innings and that we are well positioned to capitalize on a large and growing market opportunity, with U.S. consumers spending approximately $1.2 trillion in the grocery sector in 2023, and CPG brands outspending every other industry on marketing as a percentage of overall sales – approximately $200 billion every year.”